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Pre-budget consultation

Economists for increasing price of urea
Finance Minister Shah A M S Kibria favoured continued subsidy for the agriculture sector while some leading economists suggested a raise in urea fertiliser price in the next budget, reports UNB.
At a pre-budget consultation yesterday, the economists also called for addressing the problems of the banking sector in the budget with proper importance and effective measures to realise Ioans from the defaulters.
Annual development programme (ADP) was the other area which dominated the discussion. part of an exercise to formulate the national budget for the 1997-98 fiscal year accommodating opinion from different professional groups.
The economists termed the ADP a “black hole" which gobbles up a huge amount every year without delivering anything substantial and called for proper monitoring of the spendings under the development plan.
The meeting in the NEC conference room lasted two and a half hours where the economists heard from the finance minister about the performance of the economy and the achievements of the budget for 1996-97 fiscal year.
Kibria gave them various statistics about the performance of the economy and highlighted government's development priorities during the next 1997-98 fiscal year, the budget for which is likely to be placed on June 12.
The minister said current year's GDP growth rate would exceed the target of 5.5 per cent and is expected to reach almost 6 per cent. “And in two years, we'll achieve a 7 per cent growth." he hoped.
Most of the economists were of the view that government policy providing subsidy to agriculture paid back with a good harvest this year and said agriculture is the most deserving sector for subsidy.
But they suggested that the government increase the price of urea. “At least the government should start the process of raising the urea price right from the next budget," said Dr Abu Abdullah. Director General of Bangladesh Institute of De-
velopment Studies (BIDS).
The minister didn't disagree. According to him. the government imported huge urea this year at a rate of around Tk 10.000 per ton while it sold out the same at the rate of Tk 3.700 per ton
"Reducing the subsidy on fertiliser should be our policy." Kibria said. He also pointed out that he personally does not favour subsidy, but necessary support would be given to the farm sector considering the national interest.
When the Issues of bank loan defaulters and industrial investment came up, the economists suggested measures so that the defaulters could not even reschedule their portfolio without taking permission of the Parliament.
"I expect that the government will take at least some concrete action against the defaulters before the meeting with the economists for the budget for another year." said Prof Rehman Sobhan.
Dr Atlur Rahman pointed out that the government was the largest bank loan defaulter as the public sector corporations have crores of taka In overdue loans. He said a policy directive should be Incorporated in the next budget in this respect.
The minister pointed out the administrative and legal measures already taken by the government to realise the huge amount of due money and to strengthen the banking system as a whole.
Former Finance Adviser Dr Wahiduddin Mahmud, Finance Secretary Dr Akbar Ali Khan. Dr Abul Kashem, Prof Anisur Rahman. Dr Debopriya Bhattacharya and Nasreen Khan-daker also took part in the parley.